How Mexico is going to shield remittances from Trump's threats

By Elliot Bullman

Faced with threats by President Donald Trump to put a tax on remittances, the Mexican government has a plan to shield the dollars sent every day by more than 11 million Mexican migrants from the United States.

The federal government together with the legislature and bankers has drafted a plan that aims to reduce the costs of sending remittances and thereby offset the tax proposed by Trump, said Mario Di Costanzo, president of the National Commission for Protection and Defense Of the Users of Financial Services (Condusef).

Portada remesas

To reduce the cost of sending money, the Secretaries of Finance and Foreign Affairs are negotiating with the Association of Banks of Mexico (ABM) to allow bank accounts to be opened on the internet, with no resource limit, which will not generate a cost for withdrawing users.

Another part of the plan, is to provide information to Mexican migrants about alternatives to shield not only dollars, but also their assets and savings in that country.

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One option is for migrants to give up housing, business and vehicle rights to relatives or trusted acquaintances through a power of attorney issued by the US authorities.

To carry out this process, you can use the lawyers within the consulates of Mexico located in the United States to provide legal assistance.

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